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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- May 15, 2024 06:25 UTC
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SOL Price At End Of Correction Crossroads, Warns Volatile Move Ahead!
The SOL price retracement phase puts additional stress on the support trendline.
Solana bottles up the triangle pattern and reflects a critical stage in price trends.
A bullish break could surge the altcoin higher to $200.
With a spike in meme coins last night, the market anticipates a bull run for altcoins this week. The SOL price action shows a critical pivot stage in support of this view that could lead to high momentum move shortly.
Awaiting a breakout move, the altcoin is on the verge of a price jump to $200 or a deeper pullback potentially under $100? Will Solana breakout rally cross $200 to hit the $500 mark in 2024? Find out more in our long-term SOL price prediction.
Solana Price Performance
With a market cap of $64.42 Billion, Solana, the fifth biggest cryptocurrency, is down 3.26% in the last 24 hours. The downfall in the SOL price highlights the increased supply pressure near the resistance trendline.
With the overhead resistance trendline, the SOL price action forms a triangle pattern with the long-coming support trendline. The reversal from the resistance trendline currently breaks below the $150 psychological mark.
Further, the altcoin trades at $143 with an intraday rise of 1.30%, reflecting a bearish exhaustion. This increases the bullish reversal chances that may lead to the resistance trendline breakout.
Technical Indicators:
MACD: The MACD and signal lines are on the verge of a bearish crossover. This is a warning of a decline in the SOL price, leading to a breakdown rally.
Will The SOL Price Reach $200?
With the market anticipating a rise in the altcoins sector, the SOL price at a crossroads grabs the attention of everyone. As the uptrend potential is massive for this crypto, the breakout rally could result in massive gains for the HODLers and the new investors.
A breakout rally of the resistance trendline could surge the Solana token price to $200 in a week. An uptrend continuation could result in a jump to $250 by the end of this month.
Conversely, a breakdown rally could hit the $100 support level.
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